Nepal’s fascination with gold is a long and winding story, like the mighty Himalayan rivers that once carried gold dust. It’s not just about economics; it’s about cultural threads woven through centuries.
Early Gleam: Coins as Prestige and Trade
Imagine going back 2,000 years. Unearthed treasures reveal “Kushan” and “Licchavi” coins, hinting that gold wasn’t just beautiful, it held value. These early coins, dating back to the 1st century BC, suggest gold was used in trade and possibly even stored as a symbol of wealth. So, what is the oldest form of money in Nepal? These early coins are strong contenders!
The Rise of Gold Coins in Nepal’s Malla Era
Fast forward to the Malla period (12th-18th centuries). Kings weren’t just hoarding gold; they were putting it on display! The Mallas introduced a more organized system of currency, minting gold coins alongside silver and copper. Imagine jingling purses filled with gold mohurs, a unit of currency, alongside everyday coins! This suggests gold wasn’t just for the elite; it might have even been used for significant purchases by commoners.
Where does gold in Nepal come from?
The answer is golden rivers and patient hands, Nepal’s gold story starts with the majestic Himalayas. Erosion from these gold-rich mountains washes tiny gold particles into rivers like the Kali Gandaki and Karnali. While the exact timeline is unclear, for generations, Nepalese people have panned for these treasures in the riverbeds, a patient and time-honored practice. So, which river in Nepal has gold? The Kali Gandaki and Karnali are particularly famous for this!
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Mohar Coins (14th – 19th Century): A Golden Age of Currency
What is the history of coins in Nepal?
Nepal’s coin history goes back centuries. The early “Kushan” and “Licchavi” coins hint at their use in trade. The Malla dynasty ushered in a more organized system, minting gold, silver, and copper coins. Then came the golden age of the Mohar.
During Mathasingh’s rule in 1328, coins were predominantly made from base metals such as gold. Nepal then entered a golden age of currency with the Mohar. From the late 1600s until 1932, the Mohar coin reigned supreme. These coins could be made of either gold or silver, with their value depending on the metal used and its weight. Who introduced gold coins in Nepal? While the exact king isn’t mentioned, widespread use began during the Malla dynasty.
The Rise of the Rupee (1932 – Present)
In 1932, Nepal introduced the Nepali rupee as its official currency, replacing the Mohar system. This marked the end of gold’s direct use as currency in Nepal.
Nepal’s Modern Age Building Reserves for Stability
July 1957 marked a significant milestone. Nepal Rastra Bank, the nation’s central bank, began reserving gold. These reserves, averaging 4.30 tonnes from 2000 to 2023, act as a vital safety net, helping to stabilize the economy during challenging times.
Gold is More Than Money, It’s Culture
Gold transcends mere economics in Nepal. It’s woven into the very fabric of the culture. Look closely at intricate religious statues, and you’ll see gold ornaments adorning deities. Brides wear shimmering gold jewelry on their wedding day, and even traditional clothing might have a touch of the precious metal. In Nepal, gold signifies prosperity, good luck, and even divine blessings.